Mississippi Condo Insurance
Find the right condo insurance policy for you.
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Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Mississippi residents in urban centers like Jackson, or in beachfront cities like Gulfport, choose to purchase condos or townhomes, instead of freestanding houses. Condominiums offer conveniences like landscaped grounds, community pools, and sometimes security services, as well as great locations near shopping and work. If you own a condo, you can protect your investment with Mississippi condo insurance.
An independent insurance agent in our network can help you find condo insurance to protect your home and its contents from the financial impact of damage and loss, including your liability risks as a homeowner. Contact a local agent today, to compare Mississippi condo insurance quotes that fit your home and lifestyle.
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Condo and Townhome Statistics
- In recent years, the average price of a U.S. condo was $222,200
- The median townhome price in Gulfport was $294,000
- The median condo price of a 2 to 4 unit structure in Gulfport was $227,000
- In MS overall, the median house or condo price was $99,000
What Does the Association's Master Policy Cover?
Your home is most likely your biggest investment, and it contains many important possessions. For this reason, you are right to wonder what your condo association covers and what incidents or damage are your responsibility. The master policy insures certain things, but each master policy is unique, so it is important to read the policy carefully and cover any gaps when you buy your Mississippi condo insurance policy. The policy will typically include:
- Coverage for damage to the roof and structure of your condo.
- Coverage for all common areas, including exterior doors, stairwells, landscaping, parking lots and additional buildings, such as a clubhouse, tennis court or workout facility.
- Liability coverage for incidents that may occur in common areas.
The condo's master policy may or may not cover windows, pipes, wiring, interior walls, and appliances. The master policy does not cover improvements you make to the condo, like lighting, flooring, or wall texturing. You are also financially responsible for the property you keep in the home, as well as accidents that occur in your condo. Condo insurance, otherwise known as an HO-6 policy, insures the interior of your condo against the expense of a fire, storm, burglary, or lawsuit.
What Does Mississippi Condo Insurance Cover?
Condo insurance provides liability and property damage insurance for the interior of your condo. Usually, a Mississippi condo insurance policy includes the following types of coverage:
- Property damage: If your home is damaged due to a fire, storm, or broken water pipe, your condo insurance can pay to repair the walls, flooring, and ceiling.
- Personal property: This covers your possessions, such as appliances, clothing, electronics, and jewelry, against loss due to theft or natural disaster. If you have valuable collections or artwork in your condo, you may need to add extra coverage.
- Liability: If your actions or negligence cause an accident that injures a guest, delivery person, or other visitors to your home, you could be financially responsible. Liability coverage provides lawsuit protection. It pays for your legal defense, as well as a portion of the injured party's medical expenses, property damage and court fees, up to the limits of your policy. Because lawsuits can devastate your finances for years to come, it is usually a good idea to purchase as much liability coverage as you can afford.
A local independent agent can discuss your condo with you, and help you find the right coverage for your situation, at a price you can afford.
Save on Condo Insurance
Our independent agents shop around to find you the best coverage.
Other Condo Coverage You May Need
In addition to your basic Mississippi condo insurance policy, you may need additional coverage, such as:
- Flood insurance: Many parts of Mississippi lie within the special flood hazard zone, especially along the Gulf Coast. Condo insurance does not provide coverage for flooding. Depending on your location, you may be able to purchase flood insurance through the National Flood Insurance Program. This will cover the walls and flooring of your condo and your possessions if they are damaged by a flood. You can typically also buy flood coverage for your possessions as well.
- Vacant condo insurance: If you only use your condo as a summer beach home, or leave it vacant throughout the year for other reasons, vacant condo insurance may be a wise investment. Vacant condo coverage protects your empty condo from the expense of burglary, storm, and fire for a very low price.
- Umbrella insurance: This type of policy provides excess liability coverage, above and beyond the amount your regular condo insurance policy will cover. It can be an excellent and affordable method of increasing your liability protection and peace of mind.
A member agent can help you find all of the insurance you need at reasonable rates.
What If You Rent Your Condo?
If you rent your condo from the owner, your landlord's policy covers the flooring, walls, and any appliances provided by the owner. However, all of your personal property is your financial responsibility. Also, you are liable for accidents that occur due to your negligence. Renters insurance provides liability coverage, to pay a portion of a lawsuit against you for an in-home accident. It also gives you property coverage for your possessions. Since most renters keep an average of $20,000 in personal property at home, an inexpensive renters policy can pay off after a disaster.
How Much Does Mississippi Condo Insurance Cost?
Condo insurance is often less expensive than traditional homeowners insurance because the structure and grounds are covered under the condo association's master policy. Your actual policy premium will depend on several factors, including:
- The location of your condo
- The size and value of your condo
- Improvements you have made
- The value of your personal property
- Local crime rates
- Security and fire safety features
A local agent can help you compare policies from several insurance companies, and help you find the right one for you.
Find Mississippi Condo Insurance for Your Home
Most major insurance companies provide condo insurance, with a variety of policy types and prices. An independent agent in our network can provide Mississippi condo insurance quotes from several different insurance carriers, and help you find the coverage you need at an affordable rate.
Contact a local agent today, to discuss your townhome or condominium, and find Mississippi condo insurance tailored to your needs and budget.